Sometimes it can be easy for small business owners to fall into a rut and lose out on some of the creative strategic thinking that can be vital to their business’s growth and profitability. If you’re one of the small business owners in that situation, here are some suggestions to help you get back to your winning ways.
1. Question Everything
Within reason, everything that is done within your business should be done for a reason. Don’t do anything just because “This is the way we’ve always done it.” Instead, ask yourself if there is a better way to do something. Try to analyze a few processes each day and find areas where your business can improve.
2. Focus on Processes, Then Results
As you analyze the processes within your business, don’t focus solely on the results on any given day. Obviously, in the long run, the results matter. In the short term, however, there can be complicated factors or simple bad luck that may impact different results. Make sure you’re doing things the right way and don’t panic for no reason; the results should follow.
3. Stay Alert for Opportunities
Sometimes small business owners just put their nose to the grindstone and really go to work on their plan as they try to execute their strategy. In theory, this seems like a good plan. However, you don’t want to miss out on any interesting new opportunities because your focus was too narrow. Make sure you take at least a little bit of time to think about the world around your business and keep an eye out for interesting possibilities that could improve your business.
4. Frequently Rewrite the Plan
When’s the last time you took a look at your business plan? The world changes quickly these days due to technological advances and your business needs to keep up. From time to time, you should take a look at your business plan and see if there are any changes or improvements that you should make.
5. Confidently Make Decisions and Accept Mistakes
Generally speaking, small business owners take too long to make decisions. They are faced with many decisions every day, and if they spend too much time on them it can be counter-productive. People have a tendency to focus on immediate decisions too much and treat them as if they are significantly more important than they actually were. No matter how much you analyze every decision, you will make some mistakes. Accept that and make your decisions faster. It will save you time, and you may be surprised at how little it impacts your ability to make good decisions. Sometimes, quick decisions are even more effective than over-thinking situations.
Remember, running a business successfully does not need to be complicated. Keep it simple!
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Manny Skevofilax is a consultant and speaker that helps his clients successfully navigate the challenges of growing their businesses profitably. Since 2003, Manny helps businesses enhance their results by using his experience in strategic planning, financial statement analysis, operations, organizational development, and team-building. His consulting firm, PORTAL CFO Consulting, Inc., has attracted clients from diverse industries in the United States and abroad.
Manny can be reached at 410-808-3441 or via email at email@example.com.